Iran’s threat to block the passage of oil tankers through the Strait of Hormuz was unlikely to be carried out, but experts warn this should serve as a wake-up call to Australia about its limited reserves of fuel.

As the Israelis claimed Iran had violated the ceasefire, fears of a fuel price strike eased as the price of Brent crude fell below $US67 a barrel, the lowest since June 12 when hostilities between the two sworn enemies erupted.